Comment Text:
i0-001
COMMENT
CL-05344
From:
Sent:
To:
Subject:
Eric Hurley
Friday, February 12, 2010 12:09 PM
secretary
Regulation of Retail Forex
RIN 3038-AC61
Iam emailingtheCFTCto re-consider the current proposal in place. The current
proposal of 10:1 leverage on retail forex.
This in no way is "smart" regulation or protection, leverage has nothing to do with
protection to begin with.
Lowering the leverage will require a trader to put up more money which end result is
trader losing a bigger account.
Please reconsider the proposal as this will also result in a lot of US residents moving
accounts overseas.
There WILL BE NO BENEFIT, other than the US broker requiring more money up front for
a retail trader to trade the Forex Market.
I would like to see more things put in place to combat Forex Scams or things to help with
Money management.
Ultimately it's like any other business. The owner or retail forex trader needs to do
his/her own due diligence. Placing restrictions and not giving people the option to
choose what leverage they want would be a complete disaster in my opinion.
LEVERAGE should stay at 100:1
Thanks
Eric
